Past Consideration - Law Dictionary Search Results
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consideration
consideration : something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive NOTE: Except in Louisiana, consideration is a necessary element to the creation of a contract. The consideration must result from bargaining by the parties, and must be the thing that induces the mutual promises. ad·e·quate consideration : a consideration that is reasonably equivalent in value to the thing for which it is given fair consideration : a consideration that is reasonable and given in good faith ;specif : something with a reasonably equivalent value that under the laws of fraudulent conveyances is given in good faith in exchange for the transfer of property good consideration 1 : a consideration based on a family relationship or natural love and affection 2 : valuable consideration in this entry NOTE: When used as defined in sense 1 good consideration is the opposite of valuable consider...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Pension
Pension, an annual allowance made to any one, usually in consideration of past services.By the (English) Succession to the Crown Act, 1707, (6 Anne, c. 7) (c. 41 in the Revised Statutes), and 1 Geo. 1, st. 2, c. 56, no person having a pension under the Crown during pleasure, or for any term of years, is capable of being elected or sitting in the House of Commons.Old Age Pension.--The (English) Old Age Pensions Act, 1908, which was not on a contributory basis, gave to every person the right to a pension who fulfilled certain conditions. The Act, with the amending (English) Old Age Pensions Acts, 1911, 1919 and 1924, has been repealed by the (English) Consolidating Old Age Pensions Act, 1936 (26 Geo. 5 and 1 Edw. 8, c. 31). These conditions are contained in s. 2 of the Act of 1936, as follows:-2. The statutory conditions for the receipt of an old age pension by any person are--(1)The person must have attained the age of seventy, or in the case of a blind person, the age of fifty.(2)The p...
Retrospective law
Retrospective law, retrospective means looking backward; contemplating what is past; having reference to a statute or things existing before the Act in question. Retrospective law, according to the same dictionary, means a law which looks back-ward or contemplates the past; one which is made to affect acts or facts occurring, or rights occurring, before it came into force. Every statute which takes away or impairs vested rights acquired under existing laws, or creates a new obligation, imposes a new duty, or attaches a new disability in respect to transactions or considerations already past. Retroactive statute means a statute which creates a new obligation on transactions or considerations already past or destroys or impairs vested rights, Darshan Singh v. Ram Pal Singh, AIR 1991 SC 1654: (1992) Supp 1 SCC 191....
Immoral contracts
Immoral contracts, contracts founded upon considerations contra bonos mores, are void. Ex turpi contractu non oritur actio. But where a contract founded upon an immoral consideration has been executed, neither law nor equity will interfere to set it aside if both parties have been equally in fault, for in pari delicto potior est conditio defendentis.Yet a contract under seal, made in consideration of past seduction or cohabitation, can be enforced; not because it is binding in honour and conscience, for such a reason is not sufficient, but because it is a specialty (see CONTRACT), and has not been made for an executory consideration of an illegal nature. A covenant to pay money in consideration of future cohabitation is void, though under seal, Ayerst v. Jenkins, (1873) LR 16 Eq 275. See ILLEGAL CONTR-ACT....
Retrospective or retroactive law
Retrospective or retroactive law, as one which takes away or impairs vested or accrued rights acquired under existing law. A retroactive law takes away or impairs vested rights acquired under existing laws, or creates a new obligation, imposes a new duty, or attaches a new disability, in respect to transactions or considerations already past, Words and Phrases, Permanent Edn., Vol. 37A, pp. 224-225....
Retrospective statutes
Retrospective statutes, means 'a statute is to be deemed to be retrospective, which takes away or impairs any vested right acquired under existing laws, or creates a new obligation, or imposes a new duty, or attaches a new disability in respect to transactions or consideration already past, Craies on Statute Law, 7th Edn., p. 387....
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
Deed
Deed [fr. d'd, Sax.; ded gaded, Goth.;daed, Dut.], a formal document on paper or parchment duly signed, sealed, and delivered. It is either an indenture (factum inter partes) needing an actual indentation [(English) Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 5], reproduced by the Law of Property Act, 1925, s. 56 (2), made between two or more persons in different interests, or a deed-poll (charta de una parte) made by a single person or by two or more persons having similar interests. By the (English) Law of Property Act, 1925, s. 57, a deed may be described according to the nature of the transaction, e.g., 'this lease,' 'this mortgage,' etc., or as a 'deed' and not habitually by the word 'indenture.'The requisites of a deed are these:-(1) Sufficient parties and a proper subject of assurance.(2) It must be written, engrossed, printed, or lithographed, or partly written or engrossed, and partly printed or lithographed in any character or in any language, on paper, vellum, or parchm...
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